Which of the following can serve as an entry barrier?
A. Legal restrictions
B. Patents
C. Control of scarce resources or inputs
D. All of these responses are correct.
Answer: D
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A minimum wage set above the equilibrium wage rate
A) decreases job rationing. B) decreases the natural unemployment rate because fewer workers will become unemployed. C) increases the natural unemployment rate. D) increases the number of workers employed. E) increases the demand for labor.
Briefly define an endogenous variable and an exogenous variable. What variables are endogenous in the classical model? What variables are exogenous
What will be an ideal response?
The cost disease of the service sector in recent years is the result of
a. market failure. b. government intervention. c. collective bargaining by unions. d. uneven productivity growth.
Suppose that the demand for movies is given by Qd = 30 - 2 × PMovies and the supply is given by Qs = 2 + 2 × PMovies. What is the equilibrium price and quantity of movies?
A. PMovies = $7, Q = 30 B. PMovies = $2, Q = 30 C. PMovies = $4, Q = 28 D. PMovies = $7, Q = 16